Meta Has Laid Off Over 11,000 Employees In Its First-ever Mass Firing

Meta Has Laid Off Over 11,000 Employees In Its First-ever Mass Firing: The CEO of Facebook, Mark Zuckerberg, has revealed that the firm will be laying off around 13% of its workforce.

Zuckerberg stated in the statement, “I want to take accountability for these actions and for how we got here.” Everyone is suffering, but my deepest sympathies go out.

Less than a week before Meta’s layoffs, Twitter, a social media competitor recently purchased by the world’s richest man, Elon Musk, laid off about half.

Since the summer, technology firms of all sizes have been reducing their workforces due to rising costs and the expectation of a recession in the next year.

After Zuckerberg’s contentious decision to invest billions in constructing an immersive online world driven by virtual reality, nicknamed the “metaverse,” in 2022.

The investors of Meta have been pushing the business to reduce funding for Reality Labs, the department in charge of all of Meta’s metaverse endeavours.

Last quarter, Reality Labs lost $3.7 billion, and for the whole of 2021, the company lost $10.2 billion. Meta also predicted.